Federal Register / Vol. 72, No. 76 / Friday, April 20, 2007 / Notices 19985 

1Form X–17A–5 (17 CFR 249.617). 

1Form N–23c–3 requires the fund to state its 

registration number, its full name and address, the 

date of the accompanying shareholder notification, 

and the type of offer being made (periodic, 

discretionary, or both). 

2Rule 24b–3 under the Investment Company Act 

(17 CFR 270.24b–3), however, would generally 

exempt the fund from that requirement when the 

materials are filed instead with the NASD, as nearly 

always occurs under NASD procedures, which 

apply to the underwriter of every fund. 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology. Consideration will be given 

to comments and suggestions submitted 

in writing within 60 days of this 

publication. 

Please direct your written comments 

to R. Corey Booth, Director/Chief 

Information Officer, Securities and 

Exchange Commission, C/O Shirley 

Martinson, 6432 General Green Way, 

Alexandria, Virginia 22312; or send an 

e-mail to: PRA_Mailbox@sec.gov. 

Dated: April 12, 2007. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–7488 Filed 4–19–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of Filings and 

Information Services, Washington, DC 

20549. 

Extension: 

Rule 17a–12; SEC File No. 270–442; OMB 

Control No. 3235–0498. 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 

approved collection of information 

discussed below. 

• Rule17a–12, Reports To Be Made by 

Certain OTC Derivatives Dealers 

Rule17a–12 (17 CFR 240.17a–12) 

under the Securities Exchange Act of 

1934 (15 U.S.C. 78a et seq.) requires 

OTC derivatives dealers to file quarterly 

Financial and Operational Combined 

Uniform Single Reports (‘‘FOCUS’’

reports) on Part IIB of Form X–17A–5,1

the basic document for reporting the 

financial and operational condition of 

OTC derivatives dealers. Rule 17a–12 

also requires that OTC derivatives 

dealers file audited financial statements 

annually. The reports required under 

Rule 17a–12 provide the Commission 

with information used to monitor the 

operations of OTC derivatives dealers 

and to enforce their compliance with 

the Commission’s rules. These reports 

also enable the Commission to review 

the business activities of OTC 

derivatives dealers and to anticipate, 

where possible, how these dealers may 

be affected by significant economic 

events. 

The staff estimates that that the 

average amount of time necessary to 

prepare and file the information 

required by Rule 17a–12 is 180 hours 

per OTC derivatives dealer annually: an 

average of twenty hours preparing each 

of four quarterly reports and an 

additional 100 hours for the annual 

audit. Five entities are presently 

registered as OTC derivatives dealers 

and the staff does not expect that any 

additional OTC derivatives dealers will 

become registered within the next three 

years. Thus the total burden is estimated 

to be 900 hours annually (180 times 5 

equals 900). 

General comments regarding the 

estimated burden hours should be 

directed to the following persons: (i) 

Desk Officer for the Securities and 

Exchange Commission, Office of 

Information and Regulatory Affairs, 

Office of Management and Budget, 

Room 10102, New Executive Office 

Building, Washington, DC 20503 or 

send an e-mail to: 

David_Rostker@omb.eop.gov and (ii) R. 

Corey Booth, Director/Chief Information 

Officer, Securities and Exchange 

Commission, C/O Shirley Martinson, 

6432 General Green Way, Alexandria, 

VA 22312 or send an e-mail to: 

PRA_Mailbox@sec.gov. Comments must 

be submitted to OMB within 30 days of 

this notice. 

Dated: April 16, 2007. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–7490 Filed 4–19–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of Filings and 

Information Services, Washington, DC 

20549. 

Extension: 

Rule 23c–3 and Form N–23c–3; SEC File 

No. 270–373; OMB Control No. 3235–

0422. 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 350 et. seq.), the Securities 

and Exchange Commission (the 

‘‘Commission’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for extension and 

approval of the collections of 

information discussed below. 

Rule 23c–3 (17 CFR 270.23c–3) under 

the Investment Company Act of 1940 

(15 U.S.C. 80a–1 et seq.) is entitled: 

‘‘Repurchase of Securities of Closed-End 

Companies.’’ The rule permits certain 

closed-end investment companies 

(‘‘closed-end funds’’ or ‘‘funds’’) 

periodically to offer to repurchase from 

shareholders a limited number of shares 

at net asset value. The rule includes 

several reporting and recordkeeping 

requirements. The fund must send 

shareholders a notification that contains 

specified information each time the 

fund makes a repurchase offer (on a 

quarterly, semi-annual, or annual basis, 

or for certain funds, on a discretionary 

basis not more often than every two 

years). The fund also must file copies of 

the shareholder notification with the 

Commission (electronically through the 

Commission’s Electronic Data 

Gathering, Analysis, and Retrieval 

System (‘‘EDGAR’’)) attached to Form 

N–23c–3 (17 CFR 274.221), a cover 

sheet that provides limited information 

about the fund and the type of offer the 

fund is making.1 The fund must 

describe in its annual report to 

shareholders the fund’s policy 

concerning repurchase offers and the 

results of any repurchase offers made 

during the reporting period. The fund’s 

board of directors must adopt written 

procedures designed to ensure that the 

fund’s investment portfolio is 

sufficiently liquid to meet its repurchase 

obligations and other obligations under 

the rule. The board periodically must 

review the composition of the fund’s 

portfolio and change the liquidity 

procedures as necessary. The fund also 

must file copies of advertisements and 

other sales literature with the 

Commission as if it were an open-end 

investment company subject to section 

24 of the Investment Company Act (15 

U.S.C. 80a–24) and the rules that 

implement section 24.2

The requirement that the fund send a 

notification to shareholders of each offer 

is intended to ensure that a fund 

provides material information to 

shareholders about the terms of each 

offer, which may differ from previous 


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